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Meaning of Financial Management
Financial Management is that specialised function of general management which is related to the procurement of finance and its effective utilisation for the achievement of common goal of the organisation.


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It includes each and every aspect of financial activity in the business. Financial Management has been defined differently by different scholars. A few of the definitions are being reproduced below:-

“Financial Management is an area of financial decision making harmonizing individual motives and enterprise goals.”-
Weston and Brigam.

“Financial Management is the application of the planning and control functions to the finance function.”- Howard and Upton.

“Financial Management is the operational activity of a business that is responsible for obtaining and effectively, utilizing the funds necessary for efficient operations.”- Joseph and Massie.

From the above definitions, it is clear that financial management is that specialised activity which is responsible for obtaining and affectively utilizing the funds for the efficient functioning of the business and, therefor, it includes financial planning, financial administration and financial control.

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